The last 4 working days has seen the rupee recovering from its all-time lows of 74.4850 to today’s intra-day high of 73.3625 – a sizeable 1.5% gain in quick time. Successive higher highs made by the USDINR in August, September and early October have been temporarily arrested. Has the rupee really confirmed a turnaround?? Let’s
It took Nifty 41 days to reach 11760 from 10557 – a superlative gain of more than 11%. On the reverse downside journey, Nifty gave up all those gains in just 24 days. A massive 400 points lost in 2 working days. What has substantially changed in a month’s time that the Indian equities have
After the chaos in end August and early September, when the rupee plunged from 69 to 72.90 in a month, the Indian unit has stabilized around 72 – 73. As a consequence, the USDINR options volatility has come down sharply (after rising in August and September). This is good news at a time of doom
Financial Market Overview 21st September, 2018 Rupee:- The Indian rupee is opened higher against the U.S. currency after upbeat risk appetite prompted the biggest drop in the dollar index in a month. The rupee is open 71.85 versus the dollar compared with its previous close of 72.37. In addition to positive global cues, the rupee
After shaking the markets with more than 1 rupee appreciation in a few hours (please check my previous mail below), Govt of India came out with some measures to stem rupee’s relentless decline. The measures were:- For ECBs: a review of the mandatory hedging conditions for external infrastructure loans and the permission for manufacturing companies
Completely flabbergasted by rupee’s volatility – a whopping 3% weakness in 10 trading days – I recall Jim Cramer’s words “Every once in a while, the market does something so stupid it takes your breath away.” Trying to make some sense in this insanity, I came across something interesting. Check out the two charts below.